Hermes Investment Management, on behalf of Hermes Property Unit Trust, has exchanged contracts with Muse Developments to buy One City Place in Chester.

The 70,000 sq ft office is understood to have sold for around the £17.5m asking price. One City Place completed last year, and is the first building in the wider £120m City Place development, being brought forward by Muse in partnership with Cheshire West & Chester Council.

One City Place is fully let, to companies including RSM, Excello Law, Power Solutions, Black & Veatch and SL Investment Management. They were recently joined by Sykes Cottages, and the remaining space at One City Place is currently in lawyers’ hands.

City Place was part funded by a £4.8m development loan from the North West Evergreen Fund and a further £1.4m grant from the European Regional Development Fund.